Millennium Group International Holdings Ltd

Long-established HK/China paper-packaging supplier hit by a 34% revenue drop and loss-making returns with rising customer concentration.

Strengths

• Adequate liquidity (current 1.87, quick 1.73) and moderate leverage (D/E 0.25)
• Diversified geographic footprint and high-tech-enterprise tax status with multi-decade operating history

Risks

• Revenue fell 34% (7th pct) with net margin -25%, ROE -25% and ROIC -15% (bottom-quintile)
• Negative operating cash flow and FCF; top-five customers now ~49% of revenue (concentration rising)
• PRC/HK governance, CSRC-filing and raw-paper price exposure

Notable findings

• Net lossNet loss (net margin -24.9%)
• Cash burnNegative free cash flow (-3.7M)
• Customer concentration~49% of revenue from one customer/distributor — For the years ended June 30, 2025, 2024 and 2023, the total revenues from our five largest customers were 48
• Revenue declineRevenue -34.2% YoY